GOLD CREDIT UNION AND UNITED FEDERAL CREDIT UNION ANNOUNCE PLANS TO UNITE IN SPRING 2024

ALLENTOWN, Penn. – Allentown-based GOLD Credit Union (GOLD) and St. Joseph, Michigan- based United Federal Credit Union (United) announced today their plans to unite through a merger, according to GOLD CEO Cheryl Bartholomew.

“Since 2009, when I became CEO at GOLD, my priority and focus has been for every member experience to be a positive one and I am very proud with the evolution that GOLD experienced in becoming our members’ primary financial partner,” said Bartholomew. “At the same time, I recognize as a small credit union, GOLD is limited in our ability to fulfill all our members’ needs to achieve financial independence. The relationship with United will present our members with the financial benefits we have been missing and enable us to fulfill that need.”

GOLD Board Chair, Erin Henry, shared that the merger will provide GOLD Members with even more financial resources, while putting an emphasis on member service and community enhancement.

“We listened intently to our members’ needs and acknowledged that their interests are served best by seeking a partner that is positioned to grow, and committed to our team, the community, and most importantly, our members,” said Henry. “After careful and mindful consideration, United Federal Credit Union was chosen because we know that they share our mission and values and are dedicated to taking care of our GOLD family and serving the Lehigh Valley community.”

Bartholomew explained that once the regulatory approvals and positive member vote are received and the merger process is complete (expected in the spring of 2024), GOLD will become part of United and all GOLD members will automatically become members of United. Membership in United will provide access to products they have been asking for, including digital banking enhancements, expanded share account products, debit and credit cards that earn rewards, and the opportunity to earn relationship-based rate incentives. New products and services for business and commercial accounts and expanded mortgage products will also be available.

However, many things in the local financial landscape will stay the same. Plans are for all GOLD branches to remain open, and every GOLD employee will be offered a position at United.

United President/CEO, Terry O’Rourke, emphasized the importance of maintaining local decision making and relationships in Pennsylvania, referencing United’s proven success with its regional business model.

“Across dozens of communities from Michigan to Nevada and North Carolina to Arkansas, United Federal Credit Union has a proven track record of putting power in the hands of strong, local leadership,” said O’Rourke. “The Lehigh Valley is among the faster growing regions in Pennsylvania, built on hardworking values and primed to be a destination community for years to come. We want GOLD members to know that they can expect to maintain the same local relationships they have with the team they have come to value and trust.”

That includes Cheryl Bartholomew, who will have a leadership and decision-making role as Community President within United once the transaction is done.

“I will remain actively involved in local decision making,” said Bartholomew. “You will continue to see me and other GOLD team members advocating for and working in the best interests of everyone in our community.”

Until approvals are complete, it will be business as usual for both organizations. GOLD members will continue to access their branches, accounts, and services as they do now. Both CEOs assure that their members and employees will get updates throughout the approval and regulatory processes. Once the merger is complete, the transition from GOLD to United will be as smooth as possible for members and employees.

“This is a partnership of ideas and ideals,” said Bartholomew. “With a combined history of over 150 years of financial service to our memberships, GOLD and United truly live the credit union philosophy of ‘people helping people.’ Our shared values, resources, talent and community spirit will be the solid foundation with which we head into the future as that unflinching ally and advocate for our members.”

Pending regulatory approvals and a positive GOLD member vote, the combined organization will serve over 196,000 members across seven states with an asset size of just over $4.1 billion. United has been assisted by Michael Bell with Honigman LLP and Charley McQueen with McQueen Financial Advisors. GOLD was advised by Fitzpatrick Lentz & Bubba, P.C. Both credit unions are receiving regulatory consulting from Dollar Associates.

For more information about the GOLD and United announcement, visit www.GOLDcu.org/united. Or call GOLD at (484) 223-4256, United at (888) 982-1400, or stop by a local GOLD or United branch.

About GOLD

GOLD Credit Union is a member-owned, not-for-profit financial cooperative located in Allentown, Pennsylvania. GOLD has been proudly serving the Lehigh Valley since 1937 to help members achieve financial success. Visit www.GOLDcu.org for information about membership eligibility, products, services, and educational resources. Federally insured by NCUA. Equal opportunity lender. Equal housing lender.

About United

United Federal Credit Union has served its Members since 1949 by helping them to build a sound financial future. United consists of more than 186,000 Members/owners worldwide and manages assets in excess of $3.9 billion. Its corporate offices and main branch are in St.

Joseph, Mich., with additional branches in Arkansas, Indiana, Michigan, Nevada, North Carolina and Ohio. Federally insured by NCUA. Equal opportunity lender. Equal housing lender. For more information visit www.unitedfcu.com.

Information provided to TVL by:
Jenn Gora
Chief Communications Officer
GOLD Credit Union
4703 Hamilton Blvd.
Allentown, PA 18103